How does this policy compare to a 10 or 20-year level term policy?
This policy is very competitive for one you can renew without providing evidence of insurability (your renewal is guaranteed). A 10-year term policy usually expires without value at the end of the period. In order to renew it, you would need to provide new evidence of insurability.
How much coverage should I choose?
The Life Insurance Planning Worksheet can help you determine an appropriate level of coverage. Generally, we recommend that you purchase a minimum of 6 to 10 times your annual income in death benefits if you have young dependents to protect. Interest earnings on those death benefits, together with the social security benefits your dependents receive, will replace your salary while leaving the principle intact for when it is needed most.
Do I have to undergo an initial physical examination?
Yes, but Liberty Mutual will arrange a 15-minute paramedical exam when and where it is convenient for you.
Why are death benefits below the $150,000 level more expensive to purchase?
The lower cost per $1,000 of coverage for larger policies is due to economies of scale.
What type of life insurance is this?
This is term insurance which provides pure death protection without a savings element. The purchase of a whole life policy for savings may not be efficient. We have found that it is to your financial advantage to purchase a term life policy and establish a separate "nest egg" with a tax-favored retirement plan.
When do the rates increase?
Rates are based upon your attained age at issue and increase in 5-year brackets.
What is the latest age I can apply for a policy and for how long can I keep it?
New policies can be purchased by those under 65 years of age. Your policy can be renewed until you are 75.
Do you offer discounts for non-smokers?
Yes, our standard rate table is for non-smokers and provides for a substantial discount. Smoker rates are available upon request.
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